Back in January Facebook announced that they were banning cryptocurrency adverts and now Google has announced it is doing the same.
Google has confirmed that from June this year all cryptocurrency adverts, ICOs, wallerts and more will be banned for all of Google’s advertising platforms.
“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution,” said Scott Spencer, Google’s director of sustainable adverts.
This is good news for consumers as many of these adverts are misleading and I have personally seen a number of these who claim massive returns that they cannot guarantee. As cryptocurrency is unregulated it means that companies can basically put what they want on these adverts.
This can be misleading for consumers and could also get people to invest in ICOs, cryptocurrency and more when they do not know the actual risks of investing. Google will start enforcing these new rules from June 2018. The company also revealed that it shut down more that 3.2 billion adverts last year that violated its advertising policies. Hopefully these changes will do more to protect consumers and stop them being mislead.